Scotiabank Upgrades CubeSmart (NYSE:CUBE) to “Hold”

CubeSmart (NYSE:CUBE) was upgraded by stock analysts at Scotiabank to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

CUBE has been the subject of several other reports. Wolfe Research cut shares of CubeSmart from an “outperform” rating to a “peer perform” rating in a research report on Monday, January 26th. Truist Financial dropped their price target on shares of CubeSmart from $48.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, December 16th. Wall Street Zen downgraded shares of CubeSmart from a “hold” rating to a “sell” rating in a report on Sunday, March 1st. UBS Group reduced their price target on shares of CubeSmart from $38.00 to $37.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, Mizuho decreased their price objective on CubeSmart from $43.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, December 5th. Six analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $43.64.

CubeSmart Stock Down 4.1%

Shares of CUBE opened at $36.65 on Thursday. CubeSmart has a 52-week low of $34.24 and a 52-week high of $44.13. The company has a market capitalization of $8.32 billion, a PE ratio of 25.28 and a beta of 1.10. The stock has a fifty day simple moving average of $38.92 and a two-hundred day simple moving average of $38.61. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.24.

Insiders Place Their Bets

In other CubeSmart news, insider Jeffrey P. Foster sold 23,148 shares of CubeSmart stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total transaction of $949,530.96. Following the completion of the sale, the insider directly owned 205,057 shares in the company, valued at $8,411,438.14. This trade represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.69% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CubeSmart

Large investors have recently made changes to their positions in the stock. Wiser Advisor Group LLC acquired a new stake in CubeSmart in the 3rd quarter valued at approximately $28,000. Private Trust Co. NA lifted its stake in CubeSmart by 209.6% during the third quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 478 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in CubeSmart by 174.8% during the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 568 shares in the last quarter. Huntington National Bank boosted its position in shares of CubeSmart by 43.3% during the third quarter. Huntington National Bank now owns 977 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 295 shares during the period. Finally, SJS Investment Consulting Inc. purchased a new position in shares of CubeSmart during the third quarter worth $42,000. 97.61% of the stock is currently owned by institutional investors and hedge funds.

CubeSmart Company Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.